Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources announced that the Petroleum sector paid $2.2 Billion of arrears to IOCs working in Egypt by instalments during the past three weeks, reducing them to reach $2.3 Billion, the lowest level since 2013, in which the arrears reached $6.3 Billion. This highlights the Ministry’s efforts towards reducing IOCs’ arrears in order to motivate them to pump more investments, intensify upstream activities and speed-up development of discoveries to increase production rates and secure the country’s demands of petroleum products and natural gas.
This reflects the Ministry’s commitment to paying the arrears during the coming period. It also confirms of the political leadership and Government’s keenness on fulfilling Egypt’s obligations towards its partners, which boosts execution of upstream activities and development of newly discovered oil and gas fields, in addition to assuring Egypt’s credibility towards its partners.
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